Are Credit Union Employees Ready for Tax Day? How to Ensure Staff is Trained + Prepped to Handle Customer Needs
Another year, another tax season. But is the 2023 tax filing season a more complex one? With Tax Day quickly approaching on April 18, and considering 36% of Americans are relying on their tax refund to help with their financial health, millions are already digging through multiple forms filled with complicated industry-specific terms and trying to make sense of all the different documents. What’s more, with changes to credits and deductions and new rules to contend with, a new gig economy tax and 1099-K forms that include income from apps like Venmo, many consumers are understandably panicked well before the tax deadline.
Whether they’re feeling generally confused or have specific questions, many will be seeking help from associates at their local credit unions and banks in order to properly file. And with so many people looking to their credit unions for support, this is a key opportunity for financial institutions to build and maintain their customers' trust.
To ensure associates are properly prepared to handle an influx of customer needs during this busy period, associates must have access to updated training and learning opportunities so they feel confident managing customer experiences during one of the most stressful periods. Fortunately, there are several actions credit union leaders can take to equip their associates with the skills and knowledge needed ahead of Tax Day.
Ensuring staff have the hard and soft skills needed to tackle customer needs
In 2021, over half (53%) of all taxpayers used a paid tax professional to help file them, and in 2023, people are expected to continue turning to the pros for advice and guidance. In order to navigate customers’ concerns about properly filing their taxes, associates must have both technical expertise and an array of soft, or durable, skills. To help refresh associates’ minds about best practices for filing taxes and which information they should have handy, employers should provide training opportunities geared toward the tasks and issues they expect to face in the coming weeks. This might include handling customers with outdated paperwork or information, or customers whose financial situation makes them frustrated—especially if they are under financial stress before visiting an associate.
In addition to answers about filing taxes, associates should have several soft skills in their toolkit, including communication, problem-solving and organization. After all, research has shown that the majority (89%) of “bad hires” lack at least one individual soft skill and specifically in the banking sector, 54% of managers and 38% of employees consider leadership and social influence a top soft skill. Therefore, associates must be ready to connect and communicate effectively with customers, especially when discussing delicate topics or answering complicated questions that need to be explained in plain language. When associates with the right soft skills meet with concerned customers, they can put their worries at ease while using technical knowledge to handle the more in-depth questions.
Handling challenging customers and conversations
Ahead of Tax Day, credit unions should prepare for the worst, and hope for the best, especially since